DALLAS — An affiliate of Houston-based Tanglewood Property Group has completed the acquisition of Preston Plaza, a Class A office building located in Far North Dallas.
The seller, Caddo Holdings of Dallas, was represented by CBRE brokers Eric Mackey, Gary Carr, John Alvarado, Jared Chua and Robert Hill.
Originally constructed in 1986 and updated in 2015, the property offers 259,009 square feet of office space and is currently 91 percent leased.
Henry Hagendorf, a seasoned Houston real estate executive, serves as president of Tanglewood. The firm owns several properties around the Galleria and in suburban markets.
“Preston Plaza presented investors with a rare opportunity to acquire a recently renovated asset with a strong presence along the Preston Road corridor,” said Eric Mackey, Senior Vice President at CBRE. “The property’s combination of stable in-place cash flow and upside potential makes this a highly compelling investment.”
The building sits at the intersection of Preston and Frankford roads, offering convenient access to the Dallas North Tollway and the President George Bush Turnpike.